Tuesday, Mar 05 2024
All Cities
Choose Your City
'Kolchak was 'like an Englishman'-the analogy oddly recurs in an official Soviet account of the execution'

Altai Mountains could be sitting on gold bonanza

By 0 and 0 and 0
02 June 2015


Ironically the word Altai means 'golden' in the local language. Picture: file image, The Siberian Times

The Altai Mountains could be sitting on a vast gold mine – quite literally. Geologists have discovered a large deposit of the precious metal to the north of the range, with estimates it could be worth as much as $850million (44.8billion roubles).

It is thought there could be up to 22.2 tonnes in the valley of the Anuy River in Ust-Kansk. The announcement was made by Gorny-Altai Expedition, a subsidiary of Rosgeologiya. Ironically the word Altai means 'golden' in the local language, and the Golden Mountains of Altai is the name given to the area on the list of UNESCO World Heritage Sites.

Copper, silver and lead have been found in the foothills of the mountains since the 18th century, but this would be the first large and suitable deposit of gold.

Geologists have now completed their field and laboratory work and compiled a final report. The deposit was recommended for inclusion in the list of subsoil plots, but it is not clear yet which company will be engaged in gold mining there. 

The announcement comes just weeks after Russia’s main gold producer signed a deal with a major Chinese company to explore large deposits in the Far East.

The agreement between Polyus Gold and the China National Gold Group Corporation (CNG) will see the two working together at Natalka on Kolyma, in the Magadan region.

When it is operational Natalka mine will become one of the largest mines in the world, with production of gold expected to top about 15 tonnes per year.

Comments (2)

Ilia Bukhalin, Россия
06/04/2020 10:26
The main "gold" Will be buying properties, landa, next door to the feature infraestructure connecting Russia with China and India. Once the Altai pipeline, railway, fiber optics and highway connecting Novosibirsk-Urumqi-New Delhi are developed, lands and properties next door to that great infraestructure project ofrece global relevance, Will raise their price.
Enrique, Spain
06/06/2015 01:17

Add your comment

We welcome a healthy debate, but do not accept offensive or abusive comments. Please also read 'Siberian Times' Privacy Policy



Add your comments

The views expressed in the comments above are those of our readers. 'Siberian Times' reserves the right to pre-moderate some comments.

Control code*

Type the code

* obligatory



The Bank of Russia official exchange rates of foreign currencies